Watch Washington Mutual and Wachovia Bank. Washington Mutual shares are down about 85 percent this year, while Wachovia’s have fallen 72 percent. Standard & Poor’s Ratings Service cut its counterparty credit rating on Washington Mutual to junk status late Monday. The action follows downgrades by both Moody’s and Fitch last week.
Although both stocks rebounded some yesterday, Washington Mutual fell 57 cents, or 21 percent, to $2.16 on Monday, Sept. 15, while Wachovia Corp. fell $3.12, or 22 percent, to $11.13.
For more on Wachovia, read As the Sector Sorts, Whither Wachovia?
